The world's largest oil rig maker announced this evening that net profit for the three months ended Dec 31 fell 22 per cent to $305 million. The profit just about trumped the average forecast of $301 million from a Reuters poll of five analysts.
Read Keppel Corp CEO Choo Chiau Beng's full statement below:
I am pleased to announce that Keppel Corporation has achieved another creditable year in 2012. Excluding revaluations, our net profit grew by 28% to a high of S$1.9 billion. Our Return on Equity remained healthy at 22.6%. Economic Value Added also grew to about S$1.4 billion for the year.
The Board of Directors will be recommending a total distribution of 72.4 cents per share to shareholders for the whole year. This comprises the interim dividend of 18 cents per share, a proposed final dividend of 27 cents per share, and a proposed dividend in specie of Keppel REIT units equivalent to 27.4 cents.
Challenging Global Terrain
2012 was a difficult year as the global economy was fraught with uncertainties. At the start of 2013, the US managed to stave off a fiscal cliff with interim measures but growth prospects will remain sluggish.
Over in the EU, efforts made were not enough to pull economies out of the mire. The unresolved Eurozone crisis will continue to cast a shadow over 2013.
From the modest improvements in the fourth quarter, Singapore avoided a recession and is expected to record a 1.2 percent GDP growth for the whole of 2012.
Meanwhile, China and most of Asia were affected by weak export demand from the EU and US. For the most of 2012, Brent crude hovered above US$100 a barrel.
2013 is expected to be an extension of previous years, laden with uncertainties and potential risks. However, in navigating such an environment, there will also be opportunities ripe for acquisitions.
This year, Keppel Corporation celebrates 45 years of growth. We have laid firm foundations that have allowed us to deliver creditable results year on year, as well as emerge stronger through every challenge. Against the strong headwinds, we will remain resilient and agile, as we have been over four decades.
Shaping the Future
Offshore & Marine
Staying focused on niche segments of the Offshore & Marine industry has allowed us to pursue our Near Market Near Customer strategy, and define our edge in areas where we choose to compete.